Business Protection
Running a business involves various risks, and safeguarding against these risks is crucial for long-term success.
Business protection ensures that your business can weather unexpected events, such as the loss of a key employee or shareholder. There are several types of business protection plans that business owners should consider to secure their company’s future.
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Relevant Life Plan
A Relevant Life Plan is a form of life insurance funded by a business on behalf of an employee. It enables a lump sum payment to be made to an employee’s chosen beneficiaries. It is tax efficient for both the employee and employer as a way to provide a life cover benefit.
Shareholder Protection
Where there are multiple shareholders in a business, a shareholder protection plan provides a lump sum benefit to the surviving shareholders in the event of a shareholder’s death. This enables the surviving shareholders to have the liquid funds readily available to purchase the deceased’s share from their beneficiaries. This can prevent beneficiaries of the deceased’s estate from needing to retain a shareholding in a business, which they may have no interest in running, and enables the existing shareholders to continue with the business.
Key Person Insurance
Key Person insurance protects a business against any financial impact of the death of a key person within the business. This cover can also include Critical Illness Cover should a key person in the business have a serious illness which prevents them from working.
Talk to our Experts on Business Protection
To find out more about business protection, including aspects such as the importance of protecting shareholders, establishing what key person insurance looks like for your business, employee life insurance, and much more, get in touch with our experts today. The first meeting is free and comes with no obligation.